Credit Developments in the UK Bank Sector
During the 2007/2008 financial crisis, the United Kingdom (UK) government was forced to take material ownership stakes in the Royal Bank of Scotland (approximately 80%) and Lloyds (approximately 40%),...
View ArticleAAM Corporate Credit View – July 2011
Mid-Year Review and Outlook Investment grade corporate bond spreads widened again last month, producing -35 basis points (bps) of excess return, as the OAS of the Barclays Corporate Index widened 7...
View ArticleAAM Corporate Credit View – August 2011
Leadership The Corporate credit market turned up in July, posting 33 basis points (bps) of excess return per the Barclays Corporate Index. The sovereign issues abroad and at home affected sentiment and...
View ArticleAAM Corporate Credit View – September 2011
Political Risk is Rising What an ugly month! The Barclays Corporate Index posted -333 basis points (bps) of excess return in August, wiping out the positive return that had been generated through July,...
View ArticleNew Regulations and Volatile Market Provide Opportunities in Electric Utilities
There are two items which we expect to drive the performance of bonds issued by electric utilities in the next 12 to 18 months. The first factor will be how issuers capitalize on the changing...
View ArticleAAM Corporate Credit View – October 2011
Where to Invest in a Low Yield Environment The late rally in September for both equities and Corporate bond spreads was not sufficient to exit the month in the black. In September, Corporate spreads...
View ArticleAAM Featured in SNL Financial List of Top 20 Insurance Company Asset Managers
In a recent SNL Financial article, AAM (Asset Allocation & Management Company LLC) was among the top 20 insurance company asset managers. To read the full article, please click below: SNL – Top 20...
View ArticleAAM Municipal Market Perspective – Third Quarter 2011
The municipal market continued to see very strong performance during the third quarter of 2011. After 10-year rates fell 41 basis points (bps) during the first half of the year on strong demand flows...
View ArticlePrivate Label (Generic) vs. Branded Products: Differences Aren’t Black and...
Today’s private label products are far superior to those black and white labeled generic products familiar from the 1970’s. Private label products, otherwise known as store brands or retailer brands,...
View ArticleAAM Corporate Credit View – November 2011
Sovereign Risk Decreased But Not Diminished Results were Favorable for Corporate Bonds in October After months of debate, European leaders finalized their plan, and investors didn’t wait to see the...
View ArticleWill It Be a “Merry Christmas” or “Bah Humbug” for U.S. Retailers This Year?
With Thanksgiving approaching, we thought it prudent to release our outlook for holiday retail sales. This is an especially important time of year for retailers as holiday sales account for 25% to 40%...
View ArticleUniversal Refinance Wave vs. Gradual HARP Changes
Agency Mortgage Backed Security prepayments have been a topic of concern for mortgage market investors. Will there be a universal mortgage rate, a refinance wave or gradual changes to existing mortgage...
View ArticleAAM Corporate Credit View – December 2011
Is European Central Bank Monetization the Answer? Corporate Bonds Underperformed Again in November It did not take investors long to turn cynical, selling risk assets once again in November. Corporate...
View ArticleCMBS 2.0 – Not Quite the Improvement We Were Hoping For
CMBS 2.0 – Not Quite the Improvement We Were Hoping For Commercial mortgage backed security issuance has rebounded dramatically since the depths of the financial crisis. While many of the egregious...
View ArticleAAM Investment Accounting Update – January 3, 2012
Compared to the past several years, 2011 was relatively a quiet year in terms of new and significant changes in the way we account for investments. This summarizes the changes that did occur and the...
View ArticleAAM Municipal Market Perspective – Fourth Quarter 2011
The municipal market experienced the impacts of the “January effect” a month earlier than anticipated. Very strong roll-over investment of heavy January 1, 2012 coupon/call/maturity proceeds has...
View ArticleAAM Corporate Credit View – January 2012
2012 Outlook Overview Performance in 2011 departed from our outlook of positive excess returns largely due to the heightened systemic risk emanating from Europe, causing a flight to quality rally. In...
View ArticleAAM Corporate Credit View – March 2012
Strong Start to the Year The Positive Role of the LTRO Risk assets have rallied in 2012, fueled by European Central Bank (ECB) stimulus via the Longer Term Refinancing Operation (LTRO). The liquidity...
View ArticleAAM Expanding Breadth of Services for Insurance Clients
Chicago, IL: AAM, a Chicago-based investment manager for insurance portfolios, announced a sub-advisory relationship with Muzinich & Co., a New York-based investment manager for corporate credit...
View ArticleAAM Municipal Market Perspective – First Quarter 2012
Supply and demand imbalances during the first quarter of 2012 resulted in a substantial amount of volatility in tax-exempt yield levels. Demand during January and early February was incredibly strong...
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